AYB240 Lecture Notes - Lecture 3: Financial Statement, Population Ageing, Income Tax
Document Summary
Managed by fewer than five (5) members. Maximum of 4 members: can be a single member fund. Elect to be administered by the ato. Each member is a trustee or director of corporate trustee. Each trustee is a member: exception: single member smsf. Trustees are individually and jointly responsible for management and administration of the fund. No member is an employee" of another member: exception: relatives" (sis act s17a(1)(e)) No member receives remuneration for his/her services. Legal personal representative can be trustee if hold valid enduring power of attorney: all members must be > 18. Spurt in total assets between 2006 and 2007. Between may 2006 - june 2007 permitted to contribute up to m in tax concessional contributions. Choice of fund for employees introduced in 2005. Ageing population: 80% of smsf members >45 years old. Flexibility in investments: commercial property, acquisition of listed shares. Set up costs between and .
